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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Description
of Business</i></b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”)
have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to interim
financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all of the information and notes required by accounting principles generally accepted in the United States of America for complete
financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods
have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily
indicative of results for the entire fiscal years. The financial statements contained herein should be read in conjunction with
the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September
25, 2013.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Biglari
Holdings Inc. is a diversified holding company engaged in a number of business activities.  The Company’s most important
operating subsidiaries are involved in the franchising and operating of restaurants. The Company is led by Sardar Biglari, Chairman
and Chief Executive Officer of Biglari Holdings and its major operating subsidiaries. The Company’s long-term objective
is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company
and its subsidiaries by Sardar Biglari, Chairman and Chief Executive Officer. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Principles
of Consolidation</i></b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 18, 2013, the consolidated financial statements include the accounts of (i) the Company and (ii) its wholly-owned
subsidiaries, Steak n Shake Operations, Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western”). 
In addition to consolidating wholly-owned entities we consolidate entities if we have a controlling interest in the general partner. 
As of December 19, 2012, the consolidated financial statements included the accounts of (i) the Company, (ii) its wholly-owned
subsidiaries Biglari Capital Corp. (“Biglari Capital”), Steak n Shake, and Western, and (iii) investment related limited
partnerships The Lion Fund, L.P. and Western Acquisitions, L.P. (collectively the “consolidated affiliated partnerships”),
in which we had a controlling interest. As a result of the sale of Biglari Capital and the related liquidation of Western Acquisitions,
L.P. during July 2013, the Company ceased to have a controlling interest in the consolidated affiliated partnerships.  Accordingly,
Biglari Capital and the consolidated affiliated partnerships are no longer consolidated in the Company’s financial statements.              </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
February 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)
2013-04, <i>Liabilities (Topic 405),</i> which provides guidance for the recognition, measurement, and disclosure of obligations
resulting from joint and several liability arrangements. The guidance requires an entity to measure those obligations as the sum
of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount
the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature
and amount of the obligation as well as other information about those obligations.  ASU 2013-04 is effective for fiscal years
beginning after December 15, 2013, which is effective for the Company’s first quarter of fiscal year 2015.  We do not
believe the adoption of ASU 2013-04 will have a material effect on the Company’s consolidated financial statements.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
February 2013, the FASB issued ASU 2013-02, <i>Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.
</i>ASU 2013-02 requires disclosure of the amounts reclassified out of each component of accumulated other comprehensive income
and into net earnings during the reporting period and is effective for reporting periods beginning after December 15, 2012. The
adoption of ASU 2013−02 did not have a material impact on the measurement of net earnings or other comprehensive income.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Earnings
per share of common stock is based on the weighted average number of shares outstanding during the year. In fiscal year 2013,
Biglari Holdings completed an offering of transferable subscription rights.   The offering was oversubscribed and 286,767
new shares of common stock were issued. Earnings per share for the twelve weeks ending December 19, 2012 have been retroactively
restated to account for the 2013 rights offering. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><br />
For the first quarter of fiscal year 2014, the shares of Company stock attributable to our limited partner interest in the The
Lion Fund, L.P. — based on our proportional ownership during the period — are considered treasury stock on the consolidated
balance sheet and thereby deemed to calculate the weighted average common shares outstanding. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">For
the first quarter of fiscal year 2013 all common shares of the Company held by the consolidated affiliated partnerships are recorded
in treasury stock on the consolidated balance sheet.  In order to compute the weighted average common shares outstanding,
only the shares of treasury stock attributable to the unrelated limited partners of the consolidated affiliated partnerships —
based on their proportional ownership during the period — are considered outstanding shares.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">The following
table presents a reconciliation of basic and diluted weighted average common shares.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Twelve
Weeks Ended</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
earnings per share:</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average common shares  ............................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,588,417</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,435,987</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Diluted
earnings per share:</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average common shares  ............................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,588,417</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       1,435,987</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dilutive
effect of stock awards  ................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              3,414</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              2,606</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average common and incremental shares  ..................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,591,831</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       1,438,593</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Number
of share-based awards excluded from the calculation of earnings per share as the </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">awards'
exercise prices were greater than the average market price of the Company's</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">common
stock............................................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 705</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Investments
consisted of the following:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost  ...........................................................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         50,884</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $           50,884</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross
unrealized gains  ...........................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            40,386</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">              34,595</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross
unrealized losses  .........................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fair
value  ..................................................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         91,270</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $           85,479</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 18, 2013 and September 25, 2013 the Company’s investments were largely concentrated in the common stock of one
investee, Cracker Barrel Old Country Store, Inc. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Investment
gains/losses are recognized when investments are sold (as determined on a specific identification basis) or as otherwise required
by GAAP. The timing of realized gains and losses from sales can have a material effect on periodic earnings. However, such realized
gains or losses usually have little, if any, impact on total shareholders’ equity because the investments are carried at
fair value with any unrealized gains/losses included as a component of accumulated other comprehensive income in shareholders’
equity.  We believe that realized investment gains/losses are often meaningless in terms of understanding reported results.
Short-term investment gains/losses have caused and may continue to cause significant volatility in our results.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Realized
investment gains/losses were as follows:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross realized gains
on sales  ..................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> $                  -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $                    1</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross realized losses
on sales  ................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total realized gains/losses  ......................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> $                  -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                    1</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Beginning
July 1, 2013, as a result of the sale of Biglari Capital and of our limited partner interests in The Lion Fund, L.P. and The Lion
Fund II, L.P. (collectively the “investment partnerships”), the Company has reported and will continue to report on
the limited partnership interests under the equity method of accounting.  We record our proportional share of equity in the
investment partnerships but exclude Company common stock held by said partnerships.  The Company’s pro-rata shares of
its common stock held by the investment partnerships are recorded as treasury stock.  The Company records gains/losses from
investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the
consolidated statements of earnings based on our carrying value of these partnerships.  The fair value is calculated
net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of
these partnerships are eliminated because they are recorded as treasury stock. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
fair value and adjustment for Company common stock held by the investment partnerships to determine carrying value of our partnership
interest is presented below:</font></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Fair
Value</font></td>
<td style="text-align: center; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Fair
Value of Company Common Stock</font></td>
<td style="text-align: center; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
Value</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Partnership
interest at September 25, 2013.........................................................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $      455,297</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $              57,598</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $  397,699</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gains
from investment partnerships (net of performance fees)......................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           33,074</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   9,581</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       23,493</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Distribution
from investment partneships..........................................................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">           (1,469)</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">                         -   </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">        (1,469)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Partnership
interest at December 18, 2013..........................................................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $      486,902</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $              67,179</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $  419,723</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company’s proportionate share of Company stock held by investment partnerships at cost is $54,613 at December 18, 2013 and
September 25, 2013 and is recorded as treasury stock.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
carrying value of the partnership interest approximates fair value adjusted by changes in the value of held Company stock. Fair
value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships.
The fair value measurement is classified as level 3 within the fair value hierarchy.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
investment partnerships end on December 31 of the fiscal year, with their most current quarter ending December 31, 2013. For purposes
of recording our allocation of gains from the investment partnerships, we use the investment partnerships’ results for a
similar period. For the period which ended December 18, 2013, the investment partnership for the period ended December 31, 2013
was adjudged. Accordingly, we recorded $23,493 of gains from investment partnerships during fiscal year 2014. On December 31 of
each year, the general partner of the investment partnerships, Biglari Capital will earn an incentive reallocation fee for the
Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6%. Our policy is to accrue an
estimated incentive fee throughout the fiscal year. Our investment in these partnerships is committed on a rolling 5-year basis. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Summarized
financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Equity
in Investment Partnerships</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Lion
Fund</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Lion
Fund II</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
and Total Assets as of December 31, 2013 ..........................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $  149,711</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $  436,166</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
and Total Liabilities as of December 31, 2013 ......................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $           62</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $           25</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue
for the 3 month period ending December 31, 2013 ............................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    24,143</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    30,258</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Earnings
for the 3 month period ending December 31, 2013 ............................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    24,134</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    30,243</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Biglari
Holdings’ Ownership Interest  .................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">50.47%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">94.32%</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old
Country Store, Inc.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Collectively,
The Lion Fund L.P. and Western Acquisitions, L.P. were referred to as consolidated affiliated partnerships of the Company. Certain
of the consolidated affiliated partnerships held the Company’s common stock as investments. Within our consolidated financial
statements, we classified this common stock as treasury stock though the shares were legally outstanding. As of December 19, 2012,
the consolidated affiliated partnerships held 205,743 shares of the Company’s common stock.</font></p>
<p style="font: 8pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net
earnings for the 12 weeks ended December 19, 2012 of the Company included the realized and unrealized appreciation and depreciation
of the investments held by consolidated affiliated partnerships, other than realized and unrealized appreciation and depreciation
of investments the consolidated affiliated partnerships held in the Company’s equity securities which have been eliminated
in consolidation. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Realized investment
gains/losses arise when investments are sold (as determined on a specific identification basis). The total revenue from consolidated
affiliated partnerships, other than holdings of the Company’s equity securities, were as follows:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net unrealized gains/losses  ................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 (435)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net realized gains/losses
from sale  ....................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     87</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other Income...........................................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   121</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total revenue from
Consolidated Affiliated Partnerships................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $              (227)</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
limited partners of each of the investment funds have the ability to redeem their capital upon certain occurrences; therefore,
the ownership of the investment funds held by the limited partners is presented as redeemable noncontrolling interests of consolidated
affiliated partnerships and measured at the greater of carrying value or fair value on the accompanying consolidated balance sheet.
The affiliated partnerships were no longer consolidated as of September 25, 2013.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following is a reconciliation of the redeemable noncontrolling interests in the consolidated affiliated partnerships.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
value at beginning of period  ............................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $           52,088</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Contributions
from noncontrolling interests  .................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     23</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Distributions
to noncontrolling interests  .......................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               (1,310)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Incentive
fee .........................................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    (21)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
allocation.................................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  (154)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Adjustment
to redeemable noncontrolling interest to reflect maximum redemption value......................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                2,648</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
value at end of period..........................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $           53,274</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
consolidated affiliated partnerships held shares of the Company’s common stock. Any unrealized gain or loss on the common
stock of the Company was eliminated in our financial statements. The unrealized gain that was attributable to the noncontrolling
interests increased the redemption value of outside capital. The adjustment to increase the redemption value based on unrealized
gains in the Company’s common stock held by the consolidated affiliated partnerships was $2,648 on December 19, 2012.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company, through its ownership of Biglari Capital and Western Investments Inc., was entitled to an incentive fee to the extent
investment performance of the consolidated affiliated partnerships exceeded specified hurdle rates. Any such fee was included
in net earnings attributable to the Company in the period in which the fee was earned.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Biglari
Capital, the general partner of the Lion Fund, earned a $21 incentive reallocation fee at December 31, 2012. As a result of the
sale of Biglari Capital and the liquidation of Western Acquisitions, L.P., the Company is no longer entitled to receive such incentive
fees.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net
earnings attributable to the Company only included the Company’s share of earnings and losses related to its investments
in the consolidated affiliated partnerships; all other earnings or losses from the consolidated affiliated partnerships were allocated
to the redeemable noncontrolling interests.</font></p>
<p style="margin: 0; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Assets
held for sale are composed of the following:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land and buildings  ...........................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                 461</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $                  561</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Improvements  ....................................................................................................................</font></td>
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total assets held
for sale  .................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                 461</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                  561</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 18, 2013, the balance consisted of one parcel of land. During the first quarter of fiscal year 2014, one parcel of
land was sold. As of September 25, 2013 the balance included two parcels of land.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company expects to sell the property within one year of its classification as assets held for sale.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
current assets primarily include prepaid rent and prepaid contractual obligations.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Property
and equipment is composed of the following:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land  .........................................................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        162,174</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          162,488</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings  .................................................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            157,193</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             152,891</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land and leasehold
improvements  .....................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            156,988</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             155,962</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment  ...............................................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            211,227</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             209,913</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Construction in
progress  ......................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                5,284</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 5,538</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            692,866</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             686,792</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less accumulated
depreciation and amortization  .............................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">          (345,300)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (340,645)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Property and equipment,
net  ................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        347,566</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          346,147</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Goodwill</i></b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill
consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.
There was no change to the carrying value of goodwill from September 25, 2013.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">We
are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances
indicate impairment may have occurred. The analysis of potential impairment of goodwill requires a two-step approach. The first
step is the estimation of fair value of each reporting unit. If step one indicates that impairment potentially exists, the second
step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the estimated fair value of goodwill
is less than its carrying value.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the fourth quarter of the fiscal year, we perform our annual assessment of the recoverability of our goodwill related to four
reporting units. During the second quarter of the fiscal year, we perform our annual assessment of our recoverability of goodwill
related to Western. The valuation methodology and underlying financial information included in our determination of fair value
require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these
two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance,
and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates
or the application of alternative assumptions could produce significantly different results. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><i> </i></b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Other
Intangibles</i></b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
intangibles are composed of the following:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Gross
carrying amount</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accumulated
amortization</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Gross
carrying amount</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accumulated
amortization</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Right
to operate  ..........................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          1,480</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (1,380)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      100</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $         1,480</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $       (1,353)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $         127</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Franchise
agreement  ...................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,310</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           (1,992)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,318</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            5,310</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          (1,859)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         3,451</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other  ..........................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                810</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              (584)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         226</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               810</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             (574)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            236</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total  ...........................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             7,600</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           (3,956)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,644</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            7,600</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">          (3,786)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         3,814</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets with indefinite</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">lives..............................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             3,907</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,907</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            3,907</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         3,907</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
intangible assets  ................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        11,507</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (3,956)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $   7,551</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       11,507</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       (3,786)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      7,721</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets subject to amortization consist of franchise agreements acquired in connection with the purchase of Western as well as
rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted
average of useful lives ranging from eight to twelve years.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Amortization
expense for the twelve weeks which ended December 18, 2013 and December 19, 2012 was $170 and $169, respectively. Total annual
amortization expense for each of the next five years will approximate $589.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets with indefinite lives consist of reacquired franchise rights as well as acquired lease rights.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="margin: 0; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other assets
primarily include capitalized software, non-qualified plan investments, the non-current portion of capitalized loan acquisition
costs, restricted cash of $3,600 related to workers’ compensation claims and the non-current portion of prepaid rent.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
outstanding debt on Steak n Shake’s credit facility on December 18, 2013 was $107,250 compared to $120,250 on September
25, 2013. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
carrying amounts for debt reported in the consolidated balance sheet do not differ materially from their fair values at December
18, 2013 and September 25, 2013. The fair value was determined to be a Level 3 fair value measurement.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
long-term liabilities include deferred rent expense, non-qualified plan obligations, deferred gain on sale-leaseback transactions,
uncertain tax positions, and deferred compensation.</font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the quarter ended December 18, 2013, the changes in the balances of each component of accumulated other comprehensive income,
net of tax, were as follows:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
Currency Translation Adjustments</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Investment
Gain</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accumulated
Other Comprehensive Income</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Balance as of September
25, 2013...........................................................</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $                       8</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $      21,449</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $               21,457</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other comprehensive
income before reclassifications........................</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                      289</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           3,592</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    3,881</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Balance as of December
18, 2013............................................................</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                   297</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      25,041</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $               25,338</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">No
reclassifications were made from accumulated comprehensive income to the consolidated statements of earnings in the first quarter
of fiscal year 2014.</font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
Currency Translation Adjustments</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Investment
Gain</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accumulated
Other Comprehensive Income</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Balance as of September
25, 2013...........................................................</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $                       8</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $      21,449</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $               21,457</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other comprehensive
income before reclassifications........................</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                      289</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           3,592</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    3,881</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Balance as of December
18, 2013............................................................</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                   297</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      25,041</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $               25,338</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
determining the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate based on expected
annual income, statutory tax rates, and available tax planning opportunities in the various jurisdictions in which the Company
operates. Unusual or infrequently occurring items are separately recognized during the quarter in which they occur. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income
tax expense for the twelve weeks which ended December 18, 2013 was $8,373 compared to $1,543 in the same period in the prior year. 
The increase in the tax expense is primarily attributable to taxes on gains from investment partnerships.  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 18, 2013 and September 25, 2013, we had approximately $817 and $803, respectively, of unrecognized tax benefits, which
are included in other long-term liabilities in the consolidated balance sheet.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">We
are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these
matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated
financial statements is not likely to have a material effect on our results of operations, financial position or cash flows.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
June 3, 2013 and July 2, 2013, two shareholders of the Company filed derivative actions putatively on behalf of the Company against
the members of our board of directors in the United States District Courts for the Southern District of Indiana and the Western
District of Texas. The shareholders allege claims for breach of fiduciary duty, gross mismanagement, contribution and indemnification,
abuse of control, waste, and unjust enrichment relating to certain Company transactions, including the Company’s acquisition
of Biglari Capital, Mr. Biglari’s incentive agreement, the trademark license agreement between the Company and Mr. Biglari,
and the Company’s rights offering. The shareholders seek to recover unspecified damages, various forms of injunctive relief,
and an award of their attorneys’ fees. The Company believes these claims are without merit and intends to defend these cases
vigorously.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
fair value framework as established in ASC paragraph 820-10-50-2 requires the categorization of assets and liabilities into three
levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure
of fair values, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; width: 4%; font: 8pt/115% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">•</font></td>
<td style="vertical-align: bottom; width: 96%; font: 8pt/115% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Level
1: Unadjusted quoted prices in active markets for identical assets and liabilities.</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; font: 8pt/115% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">•</font></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; padding-right: 4.5pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level
2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in
active markets or quoted prices for identical assets or liabilities in inactive markets.</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; font: 8pt/115% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">•</font></td>
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level
3: Unobservable inputs reflecting management’s
own assumptions about the inputs used in pricing
the asset or liability. </font></p></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following methods and assumptions were used to determine the fair value of each class of the following assets and liabilities
recorded at fair value in the consolidated balance sheet.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i> </i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Equity
securities: </i>The Company’s investments in equity securities are carried at fair value, based on quoted market prices,
and are classified within Level 1 of the fair value hierarchy. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Non-qualified
deferred compensation plan investments: </i>The assets of the Non-Qualified Plan are set up in a rabbi trust. They represent mutual
funds that are carried at fair value, based on quoted market prices, and are classified within Level 1 of the fair value hierarchy.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Interest
rate swaps: </i>Interest rate swaps are marked to market each reporting period with fair value based on readily available market
quotes, and are classified within Level 2 of the fair value hierarchy. Interest rate swaps at December 18, 2013 and September
25, 2013 represent the fair market value for Steak n Shake’s two interest rate swaps.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 18, 2013 and September 25, 2013, the fair values of financial assets and liabilities were as follows:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
1</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
2</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
3</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
1</font></td>
<td style="text-align: center; width: 7pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
2</font></td>
<td style="text-align: center; width: 7pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
3</font></td>
<td style="text-align: center; width: 7pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Assets</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
securities:</font></td>
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Restaurant/Retail
......................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
85,062</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
85,062</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
79,357</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
79,357</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Insurance
...................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      6,208</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      6,208</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      6,122</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      6,122</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-qualified deferred</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">compensation plan
investments...</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,306</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,306</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      1,169</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      1,169</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total assets at
fair value ..............</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
92,576</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
92,576</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
86,648</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
86,648</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Liabilities</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Interest rate swaps
......................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">        436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">        401</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         401</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total liabilities
at fair value .........</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $     436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $     401</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      401</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">There
were no changes in our valuation techniques used to measure fair values on a recurring basis.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
July 1, 2013, Biglari Holdings entered into the following agreements with Mr. Biglari, its Chairman and Chief Executive Officer:
(i) a Stock Purchase Agreement for the sale of Biglari Capital; (ii) a Shared Services Agreement with Biglari Capital, and (iii)
a First Amendment to the Amended and Restated Incentive Bonus Agreement, dated September 28, 2010, with Mr. Biglari. The transactions
contemplated thereby were unanimously approved by the independent Governance, Compensation and Nominating Committee of the Board
of Directors of the Company (the “Committee”), which retained separate counsel, tax/accounting advisors, an independent
compensation consultant, and a financial advisor to assist the Committee in the structuring, evaluation, and negotiation of such
transactions.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Shared
Services Agreement</i><br />
Connected with the Biglari Capital Transaction, Biglari Holdings and Biglari Capital entered into the Shared Services Agreement
pursuant to which Biglari Holdings provides certain services to Biglari Capital in exchange for a 6% hurdle rate for Biglari Holdings
and its subsidiaries (as compared to a 5% hurdle rate for all other limited partners) in order to determine the incentive reallocation
to Biglari Capital, as general partner of  The Lion Fund, L.P. and The Lion Fund II, L.P., under their respective partnership
agreements. The incentive reallocation to Biglari Capital is equal to 25% of the net profits allocated to the limited partners
in excess of their applicable hurdle rate.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the first quarter of fiscal year 2014, the Company provided services for Biglari Capital under the Shared Services Agreement,
costing an aggregate cost of $839.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Investments
in The Lion Fund, L.P. and The Lion Fund II, L.P.</i><br />
During the fiscal year ended September 25, 2013, the Company contributed cash and securities it owned with an aggregate value
of $377,636 in exchange for limited partner interests in The Lion Fund, L.P. and The Lion Fund II, L.P. As of December 18, 2013,
the Company’s investments in The Lion Fund, L.P. and The Lion Fund II, L.P. had a fair value of $486,903.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
the general partner of the investment partnerships, Biglari Capital on December 31 of each year will earn an incentive reallocation
fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6%.  Our policy is
to accrue an estimated incentive fee throughout the fiscal year.  The total incentive reallocation from Biglari Holdings
to Biglari Capital for calendar year 2013 was $14,702, including $3,655 associated with gains on Company common stock, which is
eliminated in our financial statements. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i> </i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>License
Agreement</i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
January 11, 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari.
The License Agreement was unanimously approved by the Committee.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Under
the License Agreement, Mr. Biglari granted to the Company an exclusive license to use the Biglari and Biglari Holdings names (the
“Licensed Marks”) in association with various products and services (collectively the “Products and Services”).
Upon (a) the expiration of twenty years from the date of the License Agreement (subject to extension as provided in the License
Agreement), (b) Mr. Biglari’s death, (c) the termination of Mr. Biglari’s employment by the Company for Cause (as
defined in the License Agreement), or (d) Mr. Biglari’s resignation from his employment with the Company absent an Involuntary
Termination Event (as defined in the License Agreement), the Licensed Marks for the Products and Services will transfer from Mr.
Biglari to the Company without any compensation if the Company is continuing to use the Licensed Marks in the ordinary course
of its business. Otherwise, the rights will revert to Mr. Biglari.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
license provided under the License Agreement is royalty-free unless and until one of the following events occurs: (i) a Change
of Control (as defined in the License Agreement) of the Company; (ii) the termination of Mr. Biglari’s employment by the
Company without Cause; or (iii) Mr. Biglari’s resignation from his employment with the Company due to an Involuntary Termination
Event (each, a “Triggering Event”). Following the occurrence of a Triggering Event, Mr. Biglari is entitled to receive
a 2.5% royalty on “Revenues” with respect to the “Royalty Period.” The royalty payment to Mr. Biglari
does not apply to all revenues received by Biglari Holdings and its subsidiaries simply because the name of the public corporation
is “Biglari Holdings,” nor does it apply retrospectively (i.e., to revenues received with respect to the period prior
to the Triggering Event). The royalty applies to revenues recorded by the Company on an accrual basis under GAAP, solely with
respect to the defined period of time after the Triggering Event equal to the Royalty Period, from a covered Product, Service
or business that (1) has used the Biglari Holdings or Biglari name at any time during the term of the License Agreement, whether
prior to or after a Triggering Event, or (2) the Company has specifically identified, prior to a Triggering Event, will use the
name Biglari or Biglari Holdings.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">“Revenues”
means all revenues received, on an accrual basis under GAAP, by the Company, its subsidiaries and affiliates from the following:
(1) all Products and Services covered by the License Agreement bearing or associated with the names Biglari and Biglari Holdings
at any time (whether prior to or after a Triggering Event). This category would include, without limitation, the use of Biglari
or Biglari Holdings in the public name of a business providing any covered Product or Service; and (2) all covered Products, Services
and businesses that the Company has specifically identified, prior to a Triggering Event, will bear, use or be associated with
the name Biglari or Biglari Holdings.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Committee unanimously approved the association of the Biglari name and mark with all of Steak n Shake’s restaurants (including
Company operated and franchised locations), products and brands. On May 14, 2013, the Company, Steak n Shake, LLC and Steak n
Shake Enterprises, Inc. entered into a Trademark Sublicense Agreement in connection therewith. Accordingly, revenues received
by the Company, its subsidiaries and affiliates from Steak n Shake’s restaurants, products and brands would come within
the definition of Revenues for purposes of the License Agreement.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
“Royalty Period” is a defined period of time, after the Triggering Event, calculated as follows: (i) if, following
three months after a Triggering Event, the Company or any of its subsidiaries or affiliates continues to use the Biglari or Biglari
Holdings name in connection with any covered product or service, or continues to use Biglari as part of its corporate or public
company name, then the “Royalty Period” will equal (a) the period of time during which the Company or any of its subsidiaries
or affiliates continues any such use, plus (b) a period of time after the Company, its subsidiaries and affiliates have ceased
all uses of the names Biglari and Biglari Holdings equal to the length of the term of the License Agreement prior to the Triggering
Event, plus three years. As an example, if a Triggering Event occurs five years after the date of the License Agreement, and the
Company ceases all uses of the Biglari and Biglari Holdings names two years after the Triggering Event, the Royalty Period will
equal a total of ten years (the sum of two years after the Triggering Event during which the Biglari and Biglari Holdings names
are being used, plus a period of time equal to the five years prior to the Triggering Event, plus three years); or (ii) if the
Company, its subsidiaries and affiliates cease all uses of the Biglari and Biglari Holdings names within three months after a
Triggering Event, then the “Royalty Period” will equal the length of the term of the License Agreement prior to the
Triggering Event, plus three years. As an example, if a Triggering Event occurs five years after the date of the License Agreement,
and the Company ceases all uses of the Biglari and Biglari Holdings names two months after the Triggering Event, the Royalty Period
will equal a total of eight years (the sum of the period of time equal to the five years prior to the Triggering Event, plus three
years). Notwithstanding the above methods of determining the Royalty Period, the minimum Royalty Period is five years after a
Triggering Event.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net
revenue, earnings before income taxes and noncontrolling interests, and net earnings attributable to Biglari Holdings Inc. for
the twelve weeks ended December 18, 2013 and December 19, 2012 were as follows:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Net
Revenue</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Business:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Restaurant
Operations:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Steak
n Shake  .......................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      169,380</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $         163,155</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Western  .................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              2,959</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                3,583</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
Restaurant Operations  ....................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      172,339</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         166,738</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Corporate
and other...................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(227)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$
     172,339</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$
        166,511</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">As
a result of the sale of Biglari Capital and related deconsolidation of the consolidated affiliated partnerships during July 2013,
the Company no longer has an investment management segment. The segment related financial information for the twelve weeks ended
December 19, 2012 has been restated to eliminate this segment. Amounts previously reported are now included as a component of
corporate and other. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-right: 18px; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Earnings
before income taxes and noncontrolling interests</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Net
earnings attributable to Biglari Holdings Inc.</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-right: 18px; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Business:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Restaurant Operations:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Steak
n Shake  ......................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          5,599</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          8,502</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          3,720</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          5,666</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Western  ..............................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                352</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                282</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                217</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                160</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
Restaurant Operations  ....................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,951</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             8,784</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             3,937</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,826</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Corporate
and Other:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Corporate
and other  ...........................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (3,106)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (1,118)</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (2,048)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               (188)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gains
from investment partnerships....................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           23,493</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           15,516</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investment
gains/losses  ......................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    1</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    1</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
Corporate and Other  .......................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           20,387</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (1,117)</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           13,468</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               (187)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Reconciliation
of segments to consolidated amount:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Eliminations
for gains from investment</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">partnerships.........................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">          (23,493)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Interest
expense and loss on debt extinguishment,</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">excluding
interest allocated to operating businesses.............</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (1,474)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (1,737)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               (914)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (1,077)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          1,371</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          5,930</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        16,491</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          4,562</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”)
have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to interim
financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all of the information and notes required by accounting principles generally accepted in the United States of America for complete
financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods
have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily
indicative of results for the entire fiscal years. The financial statements contained herein should be read in conjunction with
the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September
25, 2013.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Biglari
Holdings Inc. is a diversified holding company engaged in a number of business activities.  The Company’s most important
operating subsidiaries are involved in the franchising and operating of restaurants. The Company is led by Sardar Biglari, Chairman
and Chief Executive Officer of Biglari Holdings and its major operating subsidiaries. The Company’s long-term objective
is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company
and its subsidiaries by Sardar Biglari, Chairman and Chief Executive Officer. </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="margin: 0; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">As of December
18, 2013, the consolidated financial statements include the accounts of (i) the Company and (ii) its wholly-owned subsidiaries,
Steak n Shake Operations, Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western”).  In
addition to consolidating wholly-owned entities we consolidate entities if we have a controlling interest in the general partner. 
As of December 19, 2012, the consolidated financial statements included the accounts of (i) the Company, (ii) its wholly-owned
subsidiaries Biglari Capital Corp. (“Biglari Capital”), Steak n Shake, and Western, and (iii) investment related limited
partnerships The Lion Fund, L.P. and Western Acquisitions, L.P. (collectively the “consolidated affiliated partnerships”),
in which we had a controlling interest. As a result of the sale of Biglari Capital and the related liquidation of Western Acquisitions,
L.P. during July 2013, the Company ceased to have a controlling interest in the consolidated affiliated partnerships.  Accordingly,
Biglari Capital and the consolidated affiliated partnerships are no longer consolidated in the Company’s financial statements.  </font></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Twelve
Weeks Ended</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
earnings per share:</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average common shares  ............................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,588,417</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,435,987</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Diluted
earnings per share:</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average common shares  ............................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,588,417</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       1,435,987</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dilutive
effect of stock awards  ................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              3,414</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              2,606</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average common and incremental shares  ..................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">       1,591,831</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       1,438,593</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Number
of share-based awards excluded from the calculation of earnings per share as the </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">awards'
exercise prices were greater than the average market price of the Company's</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">common
stock............................................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 705</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost  ...........................................................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         50,884</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $           50,884</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross
unrealized gains  ...........................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            40,386</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">              34,595</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross
unrealized losses  .........................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fair
value  ..................................................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         91,270</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $           85,479</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross realized gains
on sales  ..................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> $                  -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $                    1</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross realized losses
on sales  ................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total realized gains/losses  ......................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> $                  -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                    1</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Fair
Value</font></td>
<td style="text-align: center; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Fair
Value of Company Common Stock</font></td>
<td style="text-align: center; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
Value</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Partnership
interest at September 25, 2013.........................................................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $      455,297</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $              57,598</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $  397,699</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gains
from investment partnerships (net of performance fees)......................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           33,074</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   9,581</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       23,493</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Distribution
from investment partneships..........................................................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">           (1,469)</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">                         -   </font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">        (1,469)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Partnership
interest at December 18, 2013..........................................................................................</font></td>
<td style="text-align: right; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $      486,902</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $              67,179</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $  419,723</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Equity
in Investment Partnerships</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Lion
Fund</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Lion
Fund II</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
and Total Assets as of December 31, 2013 ..........................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $  149,711</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $  436,166</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
and Total Liabilities as of December 31, 2013 ......................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          62</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $           25</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue
for the 3 month period ending December 31, 2013 ............................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    24,143</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    30,258</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Earnings
for the 3 month period ending December 31, 2013 ............................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    24,134</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $    30,243</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Biglari
Holdings’ Ownership Interest  .................................................................................................</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">50.47%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">94.32%</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net unrealized gains/losses  ................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 (435)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net realized gains/losses
from sale  ....................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     87</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other Income...........................................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   121</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total revenue from
Consolidated Affiliated Partnerships................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $              (227)</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
value at beginning of period  ............................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $           52,088</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Contributions
from noncontrolling interests  .................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     23</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Distributions
to noncontrolling interests  .......................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               (1,310)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Incentive
fee .........................................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    (21)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
allocation.................................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  (154)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Adjustment
to redeemable noncontrolling interest to reflect maximum redemption value......................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                2,648</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
value at end of period..........................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $           53,274</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land and buildings  ...........................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                 461</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $                  561</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Improvements  ....................................................................................................................</font></td>
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total assets held
for sale  .................................................................................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                 461</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                  561</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land  .........................................................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        162,174</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          162,488</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings  .................................................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            157,193</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             152,891</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land and leasehold
improvements  .....................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            156,988</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             155,962</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment  ...............................................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            211,227</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             209,913</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Construction in
progress  ......................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                5,284</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 5,538</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            692,866</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">             686,792</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less accumulated
depreciation and amortization  .............................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">          (345,300)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (340,645)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Property and equipment,
net  ................................................................................................</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        347,566</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          346,147</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Gross
carrying amount</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accumulated
amortization</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Gross
carrying amount</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Accumulated
amortization</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Right
to operate  ..........................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          1,480</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (1,380)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      100</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $         1,480</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $       (1,353)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $         127</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Franchise
agreement  ...................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,310</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           (1,992)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,318</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            5,310</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          (1,859)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         3,451</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other  ..........................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                810</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              (584)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         226</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               810</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             (574)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            236</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total  ...........................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             7,600</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           (3,956)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,644</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            7,600</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">          (3,786)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         3,814</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets with indefinite</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">lives..............................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             3,907</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      3,907</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            3,907</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         3,907</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
intangible assets  ................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        11,507</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (3,956)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $   7,551</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       11,507</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $       (3,786)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      7,721</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">September
25, 2013</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
1</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
2</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
3</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
1</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
2</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 38pt"><font style="font: 8pt Times New Roman, Times, Serif">Level
3</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 7pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center; width: 41pt"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Assets</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
securities:</font></td>
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Restaurant/Retail
......................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
85,062</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
85,062</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
79,357</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
79,357</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Insurance
...................................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      6,208</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      6,208</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      6,122</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      6,122</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-qualified deferred</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">compensation plan
investments...</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,306</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">      1,306</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      1,169</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">      1,169</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total assets at
fair value ..............</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
92,576</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
92,576</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
86,648</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
86,648</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Liabilities</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Interest rate swaps
......................</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">        436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">        401</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         401</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total liabilities
at fair value .........</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $     436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      436</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $     401</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      401</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Net
Revenue</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Business:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Restaurant
Operations:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Steak
n Shake  .......................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      169,380</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $         163,155</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Western  .................................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              2,959</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                3,583</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
Restaurant Operations  ....................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      172,339</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         166,738</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Corporate
and other...................................................................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(227)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$
     172,339</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$
        166,511</font></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-right: 18px; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Earnings
before income taxes and noncontrolling interests</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Net
earnings attributable to Biglari Holdings Inc.</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-right: 18px; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: windowtext 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
18, 2013</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
19, 2012</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Business:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Restaurant Operations:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Steak
n Shake  ......................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          5,599</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          8,502</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          3,720</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          5,666</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Western  ..............................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                352</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                282</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                217</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                160</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
Restaurant Operations  ....................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,951</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             8,784</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             3,937</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">             5,826</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Corporate
and Other:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Corporate
and other  ...........................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (3,106)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (1,118)</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (2,048)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               (188)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gains
from investment partnerships....................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           23,493</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           15,516</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investment
gains/losses  ......................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    1</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                    1</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
Corporate and Other  .......................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           20,387</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (1,117)</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           13,468</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               (187)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Reconciliation
of segments to consolidated amount:</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Eliminations
for Gains from investment</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">partnerships.........................................................................</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">          (23,493)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Interest
expense and loss on debt extinguishment,</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">excluding
interest allocated to operating businesses.............</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (1,474)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (1,737)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               (914)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (1,077)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          1,371</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          5,930</font></td>
<td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        16,491</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: windowtext 0.5pt solid; border-bottom: windowtext 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          4,562</font></td></tr>
</table>
3414
2606
0
705
50884000
50884000
40386000
34595000
0
0
85479000
79357000
85062000
85479000
91270000
91270000
6208000
6122000
0
1000
0
0
0
1000
149711000
436166000
62000
25000
0.5047
0.9432
24143000
30258000
24134000
30243000
-435000
87000
121000
53274000
52088000
23000
-1310000
-21000
-154000
561000
461000
0
0
2
1
1
162488000
162174000
152891000
157193000
155962000
156988000
209913000
211227000
5538000
5284000
686792000
692866000
-340645000
-345300000
7600000
1480000
1480000
5310000
5310000
810000
810000
3907000
3907000
7600000
-3786000
-1353000
-1380000
-1859000
-1992000
-574000
-584000
-3956000
3814000
127000
100000
3451000
3318000
236000
226000
3644000
3907000
3907000
3907000
3907000
170000
169000
589000
eight to twelve years
120250000
107250000
803000
817000
1169000
1169000
1306000
1306000
86648000
86648000
92576000
92576000
401000
401000
436000
436000
401000
401000
436000
436000
14702000
3655000
839000
23493000
0
33074000
9581000
23493000
1720889
7977000
0
-227000
205743
486903000
455297000
486902000
57598000
67179000
397699000
419723000
-1469000
0
-1469000
22024000
0
0
1000
54613000
54613000